Furnishings put Ashley into black

Thursday 22 April 2004 16:56 BST

RETAILER Laura Ashley is back in the black despite another poor performance from its fashion business.

Boosted by an increase in home-furnishings sales, the group reported a preexceptionals profit of £3.1m for the year to 31 January against a £4.9m loss the previous year. However, there is again no dividend payment.

Joint chief executive Ainum Mohd-Saaid said: 'We have stabilised the business and expect a better performance in the current year.'

While the strong performance in home furnishings continues, there has been a further slump in fashion sales this year so far, with a like-forlike decline of 12.2% in the 11 weeks to 17 April. Home furnishing sales were ahead by 8.9%.